Aussie dollar is in golden ratio

Aussie dollar seems rising strongly after RBA kept the interest rate at 1.5% and retail sales was higher than expected. It broke the level 0.7622 USD and rising in the golden ratio of Fibonacci retracement. I think if the third quarter GDP in Australia is higher than 0.7%, it may give positive to AUD to edge higher to 0.7700. But if GDP is lower than forecast, AUD may move between 0.7600-0.7650 USD.
Major stock markets in Asia may open mixed because investors still focus the next step of U.S. tax reform. SET may keep moving sideways down. Wall Street may drop lower, if indexes of U.S. labor market show the weaker. ADP nonfarm employment change in November at 20.15 p.m. predicted lower than October. In my opinion, ADP nonfarm employment change may reach 185000 jobs but dollar may keep rise slowly waiting for the tax reform. As the result, if other currencies have their good factors, those currencies may edge higher against U.S. dollar.
After the third quarter GDP in Canada released higher on 1st December, Loonie keeps falling lowly. Today Bank of Canada may keep the interest rate at 1.00% and Canadian dollar may hold steady or edge higher against U.S. dollar. Moreover, oil price may rise, if U.S. crude oil inventories reduce lower than 3.507 million barrels.
Ethereum price on 1 day timeframe still cannot close above 470 USD. It may building the pennant pattern, if today ETH price close above 460 USD. If it can close higher 470 USD, it may break 480 USD to make a new all-time high. In contrast, if Ethereum price fall lower than 445 USD, it may edge lower to 420 USD.

By Niramon Nitnitiphruet
Financial analyst, Olymp Trade

Olymp Trade Review